Please browse through our frequently asked questions to find answers to any of your questions relating to our website.
What is GST?
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
Are you a registered BAS Agent?
How is GST calculated in Australia?
Generally, businesses and other organisations registered for GST will:
- include GST in the price of sales to their customers
- claim credits for the GST included in the price of their business purchases.
Who does need to register for GST?
If you carry on an enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organisations), or provide taxi travel, you must:
- register for GST
- work out whether your sales are taxable (that is, subject to GST, GST-free or input taxed)
- include GST in the price of your taxable sales
- issue tax invoices for your taxable sales
- obtain tax invoices for your business purchases that have GST included in the price
- account for GST on either a cash or non-cash basis
- report sales and purchases by lodging activity statements (even if the amount to be reported is zero), work out whether they have any adjustments and pay GST to the ATO.
GST-registered organisations can also claim GST credits for GST included in the price of most business purchases.
If you are not registered or required to be registered for GST, you don’t include GST in the price of your sales and you can’t claim credits for any GST included in the price of your purchases, even if they are for your business. But if you can claim the business expense as an income tax deduction, you can claim the entire expense, including GST, on your income tax return.
For more information or to obtain a quote for our bookkeeper or bookkeeping services, please call us on 0418 288 089, send us an email at firstname.lastname@example.org, or complete our online Contact Us form and one of our team will be on contact shortly. We are a registered BAS agent and fully insured, so contact us today for a free and no obligation quote or to arrange for us to visit you at your office.